Temasek to mop up 1b Sembmarine shares after rights issue ends undersubscribed

Singapore

THE Sembcorp Marine (SMM) rights issue of shares to recapitalise the company was undersubscribed, with valid acceptances and excess applications received for 9.4 billion rights shares, or 90.2 per cent of the nearly 10.5 billion rights shares available.

According to application results on Monday, SMM's parent company Sembcorp Industries (SCI) subscribed for 7.5 billion or 72 per cent of the available shares by setting off a S$1.5 billion loan it extended to SMM in June 2019. (amendment note)